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Latest research
| Date | Reports available | Download |
|---|---|---|
| Nov 19 2008 |
First Property Group Proven growth model First Property Group operates an unusual, but well-balanced and resilient business model for the sector. Its three components are (1) a core, visible revenue stream derived from annual fees for management of institutional property funds; (2) participation in asset growth, via performance fees assessed on a three-year cycle; and (3) opportunistic property trading profits. The full year forecast is fully covered by contracted management fees, while a strong executive team, debt free balance sheet, NAV and well-covered dividend reinforce the investment case. Research type: Outlook - Initiation of coverage |
Log in to download 12 page note available |
| Nov 18 2008 |
Nkwe Platinum Unlocking value Nkwe Platinum has amassed a significant mineral holding on the eastern limb of South Africa’s Bushveld Complex, down-dip of Anglo Platinum’s Modikwa Mine. Nkwe’s properties include Garatau (74%) and Tubatse (optioned stake of 74%), which together make up the Garatau-Tubatse project with JORC resources of 18.0Moz and 20.4Moz, respectively. Nkwe has signed an option agreement with Xstrata, which can acquire 50% of the project upon completion of the feasibility study currently underway. Nkwe trades around its current cash position and at a discount to its peers on the basis of its EV/resource ounce. With muted supply growth from South Africa, we believe the platinum price will recover into 2009, benefitting Nkwe. Research type: Outlook - Initiation of coverage |
Log in to download 12 page note available |
| Nov 18 2008 |
Medicsight Paradise postponed Medicsight has submitted the US 510(k) pre-market submission for its ColonCAD product, putting it on track for approval in early 2009. Although this key data submission comes some six months later than originally hoped, it should only postpone the start of what we expect to be a rapid build-up of revenues to next year. Medicsight remains in a strong financial position with £20.6m in cash at the end of Q308 and, in our view, is well-placed to exploit the opportunity for computer-aided detection screening for colorectal polyps. Research type: Update - Trading update |
Log in to download 6 page note available |
| Nov 18 2008 |
888 Holdings Double-digit growth Q3 revenue growth of 23% was a very solid performance. 888 has seen some slowdown in since August but attributes most of this to the translation effect of US$ appreciation. Q4 “started slowly” but November looks better, helped by new casino games and bingo advertising. Recently revised consensus estimates still project double digit EPS growth. 888’s business is cash generative and becoming increasingly broadly based: we particularly like the growing B2B revenue stream. Research type: Quick view - Trading update |
Log in to download 2 page note available |
| Nov 18 2008 |
GW Pharmaceuticals Improved cash cushion GW’s full-year results have shown that the company has implemented significant cost controls – a strategy that should secure it beyond the expected EU approval of Sativex in 2010 and give it flexibility should regulatory delays or setbacks occur. Expected pivotal study results of Sativex early next year represent a key data point, despite a delay in recruitment into a US trial, and GW remains one of the better financed companies in the UK biotech sector. Research type: Update - Interim results |
Log in to download 6 page note available |
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